Sector NewswireTM

Sector: Mining - Metals and Minerals   :

 

News Release -  December 2, 2016 4:32 PM ET 

 

 

Gold Producer Metanor Reports Cash Cost of US$850/oz in Financial and Operational Results for Quarter Ended September 30th 2016, and Featured in Financial Post Business for Developments Adjacent Osisko Mining

  • The Company is drilling adjacent Osisko Mining's Windfall Deposit to build on intercept of 70.9 g/t Gold over 2.6 m in the north-east section at Barry.

  • The Company's total infrastructure is valued (estimated replacement value) at between CDN$150M to $200M. The Company's primary asset, the 100%-owned Bachelor Mill, has a replacement value of several times the Company's current market cap and is increasingly being viewed as a coveted strategic asset being the only mill within 200km in a gold-rich district. The Company has met its cash flow guarantee to Sandstorm and is now free to mill ore sourced from outside Bachelor without penalty.

NEW YORK, NY, December 2, 2016 /Sector Newswire/ - Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) this week announced its financial and operational results for the quarter ended September 30th 2016 (Q1 2017). This news follows on the heals of other significant positive announcements; 1) continued quality gold intercepts both at its Bachelor Gold Mine (located beneath the Company's mill) and at its Barry Gold Open Pit Deposit, 2) the Company filing its previously announced positive preliminary economic assessment study (PEA) on its 100%-owned Barry gold project, and 3) the Company announcing it intersected 70.9 g/t Au over 2.6 meters in the north-east section at Barry adjacent the Windfall property belonging to Osisko Mining.

 

Metanor was also this week the subject of a Financial Post Business section article entitled "Metanor: The Pieces Fit" [click to view online].

 

The article surrounds the recent intercept of 70.9 g/t Au over 2.6 meters announcement adjacent Osisko Mining on Metanor's Barry property. This intercept was a new discovery drill hole that intersected two gold bearing zones associated with sulphide (15%) in proximity to a regional fault. As per the drill holes, this dominant geological structure has a minimal length of 6 km, toward the Windfall property belonging to Osisko Mining. A segment of 3 km of this structure extends on the Barry property belonging entirely to Metanor Resources.  A segment of 3 km of this structure extends on the Barry property belonging entirely to Metanor Resources. This new high-grade discovery dramatically enhances the attractiveness of Metanor to prospective suitors in an area under consolidation, as Metanor has quality grades adjacent Osisko and the only mill around.

 
 

Fig. 1 (above) Primary asset: 100%-owned Bachelor Gold Mill

   

Figure 2. (above) Location of new discovery adjacent Osisko

 

The drill results obtained thus far show high gold values and more assay results are pending. In addition, the drill campaign continues in the Moss Sector.

Hole No from (m) to (m) length (m)* grade Au (g/t) Zone
BE-16-09 248.4 250.6 2.2 9.2 Moss
BE-16-09 328.9 331.5 2.6 70.9

With a quality PEA in hand, Metanor's Barry project appears destined to become the first to achieve a gold production scenario amongst a handful of players (which also include Osisko Mining Inc.'s prolific Windfall Property, Bonterra Resources' Gladiator Deposit, Beaufield Resources' Macho claims, and Urbana) whose gold system collectively is part of a new mining camp in the Barry-Urban township of Quebec. Metanor's Barry PEA  is highly favorable and enhances the attractiveness of the Company with an open-pit mine proposed and milling planned at the Company's 100%-owned Bachelor Gold Mill located only ~65 km NW (~116 km by road) from the Barry Mine. Open-pit production is pegged to begin in Summer-2017 and ramp-up expected to attain 37,573 ounces/annum for year two, Metanor will be cash flowing well at Barry with all-in production cost conservatively projected at only $1,114/oz (US $891/oz) -- the estimate was made using gold of only C$1,560 -- the financial analysis using higher gold prices of C$1,710 would generate a NPV at $78.07 million with an IRR of 246% before taxes. Spot gold is currently near C$1,750, and many believe substantially higher gold prices are in the cards. Under the base PEA we are looking possibly C$15M+ in positive cash flow per annum from Barry, C$23M+ at current gold prices. Important to note is that Metanor will pay no taxes for at least the first 2 - 3 years with its loss carry forward on the books, plus there is no streaming agreement on the Barry project.

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Recent (November 29, 2016) news release from Metanor:

 

Metanor Reports its Financial and Operational Results for the Quarter Ended September 30th 2016

 

VAL-D'OR, QUEBEC--(Marketwired - November 29, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to report on its financial and operational results for the quarter ended September 30th 2016 (Q1 2017). This press release should be read in conjunction with Metanor's financial statement for the quarter ended September 30th 2016 and related Management's Discussion and Analysis (MD&A), which can be found on the Company website www.metanor.ca or on SEDAR www.sedar.com. All amounts are in Canadian dollars unless otherwise stated.

Q1 2017 Highlights

Bachelor Property

  • Gold production of 8,399 ounces during the quarter;
  • Gold sales of 7,893 ounces during the quarter;
  • Total of $12,663,044 in revenues from gold sales in Q1 at an average sale price of $1,604 per ounces sold (US$1,230/oz at an exchange rate of US$0.77/CA$1.00).
  • Cash Cost1 of $1,108 per ounce sold in Q1 (US$850/oz at an exchange rate of US$0.77/CA$1.00).
  • Sustaining cost2 of $1,359 per ounce sold in Q1 (US$1,042/oz using an exchange rate of US$0.77/CA$1.00).
  • All-In cost3 of $1,523 per ounce sold in Q1 (US$1,168/oz at an exchange rate of US$0.77/CA$1.00).

Note

  1. The cash cost is composed of all costs related to the mineral extraction and processing including royalties associated to the property, and by-product credit.
  2. The sustaining cost is composed of the cash cost, and all costs related to sustain the existing operation such as capital and exploration expenses at the existing mines, and the corporate administration cost.
  3. The all-in cost is composed of the sustaining cost, and all costs related to corporate exploration and evaluation.

Barry Property

Publication, on September 22, of a preliminary economic assessment completed by the independent firm Goldmind Geoservices Inc. This economic evaluation was based from the in-pit resources update of the Barry open pit published June 22nd and revised September 21st 2016.

  • Net present value (NPV) before taxes (6% discounted rate) of 53.5 M$;
  • Internal rate of return (IRR) before taxes of 198%;
  • NPV after taxes (6% discounted rate) of 25.9 M$;
  • IRR after taxes of 94%;
  • For the life of mine, a gold production of 193,457 ounces over a production period of 9 years;
  • Waste to mineralized material ratio of 2.17 to 1.

Administration

  • The company had a net loss of $ 202,389 for the quarter ended September 30th 2016 after depreciation and depletion of $ 2,700,275.
  • The company had a treasury of $ 1,830,512 on September 30th 2016.

Q1 2017 Operating and financial results

Operating and financial results Quarter ended
September 30th 2016
  Quarter ended
September 30th 2015
 
Operational results        
Tonnes milled (Tonnes) 62,974   56,448  
Feed grade (g/T) 4.3   4.6  
Mill recovery rate 96.0 % 96.6 %
Ounces produced 8,399   8,060  
Ounces sold 7,893   7,797  
Underground development (metres) 1,117   1,594  
Diamond drilling (metres) 19,036   17,325  
Financial results(Thousand dollars)        
Gold Sales 12,663   10,741  
Operating Costs (8,523 ) (8,669 )
Royalties (224 ) (216 )
Depreciation & Depletion (2,700 ) (2,693 )
Gross Profit 1,216   (837 )
Net Results (202 ) (2,016 )

For this Q1, a higher sales price, combined with a reduction in the operating costs, provided a gross profit of 1.2 million dollars. These funds were mainly used in exploration on the Bachelor, Moroy, and Barry properties.

Outlook for the coming quarters

Metanor maintains its objective to produce between 28,000 and 33,000 ounces of gold during the next year coming entirely from the Bachelor mine. For the current quarter, the feed grade to the mill went up. This increase comes from ore extraction below level 14 in the Main vein, and from Hewfran between levels 6 and 8. Accordingly, the company plans to sell between 8,000 and 9,500 ounces for the quarter ended December 31st 2016.

The company plans to publish a resource and reserve update for the Bachelor mine before December 31st 2016. The underground drilling program will continue during the coming months to discover additional ounces of gold.

For the Barry property, Metanor will continue the drilling within the area of the Barry open pit to increase its mineral resources, and to convert inferred resources into the indicated category.

...click here for full copy from source

 

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Recent (November 15, 2016) news release from Metanor:

 

Metanor Intersects 4.25 g/t Au Over 16.7 Meters at Barry

 

VAL-D'OR, QUEBEC--(Marketwired - November 15, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce preliminary results from its 10,000 meter drilling campaign currently underway at the Barry project near the old pits. This drill program, targeting the area covered by the mining lease, aims to delineate the extensions to the west, south-west, and to validate the geometry of the mineralized materials north of the regional shear Urban-Barry. Results from 13 new drill holes are reported in this press release.

The holes 16, 19, 20, 21, and 22 were drilled north of the existing pits. The holes 17 and 18 were drilled to west of the pits, and the holes 23 to 28 were drilled to the south-west of the pits. See attached diagram.

Highlights:

  • 4.14 g/t over 3.6 meters in MB-16-17,

  • 4.25 g/t over 16.7 meters in MB-16-24 including 11.89 g/t over 4.8 meters,

  • 1.30 g/t over 15.45 meters in MB-16-26 including 2.18 g/t over 6.85 meters,

  • 2.33 g/t over 16.8 meters in MB-16-27 including 3.58 g/t over 8 meters,

  • 2.27 g/t over 16.6 meters in MB-16-28 including 3.67 g/t over 5.5 meters.

The table of the drill holes coordinates is the following:

Drill hole UTM - East UTM - North UTM - Elevation Azimuth Dip Length
MB-16-16 443603.38 5426450.19 408.98 330.0 -45 63.0
MB-16-17 443430.39 5426342.89 407.40 330.0 -45 138.9
MB-16-18 443408.11 5426299.84 405.71 330.9 -44.7 102.0
MB-16-19 443544.53 5426449.90 409.30 330.0 -50 123.0
MB-16-20 443507.57 5426510.67 408.54 330.0 -45 75.0
MB-16-21 443469.91 5426481.57 411.26 330.0 -45 87.0
MB-16-22 443488.00 5426452.00 412.00 330.0 -45 81.0
MB-16-23 443583.10 5426090.22 400.47 330.0 -45 126.0
MB-16-24 443517.09 5426100.34 401.79 330.0 -45 255.0
MB-16-25 443517.09 5426100.34 401.79 330.0 -80 123.0
MB-16-26 443459.27 5426099.45 402.77 330.0 -45 66.0
MB-16-27 443388.47 5426019.83 401.57 330.0 -45 243.0
MB-16-28 443443.00 5426028.00 401.00 330.0 -65 264.0

The holes 16, 19, 20, 21, and 22 that were drilled to the north tend to demonstrate that the mineralization may not be oriented the same way north of the pits. Hole 20 did not intersect the gold intersected by hole 19. The holes 16, 21, and 22 did not intersect significant values. Additional holes in a different direction should be drilled to validate this possibility.

The holes 17 and 18 drilled to the West intersected interesting mineralization near surface in relation to the presence of a porphyry intrusive below another porphyry. This sector is open to the West and at depth.

The holes 23 to 28 located south-West from the pits intersected the mineralization on the contact of the intrusive. Only hole 25 did not intersect mineralization because it was too shallow, and it should be extended eventually. These new holes confirm the extension of a zone at least 250 meters along strike by 200 meters along dip direction. The zone is open in all direction.

Drill results:

Drill hole From To Length Au
  (m) (m) (m) g/t
MB-16-17 24.00 27.60 3.60 4.14
MB-16-17 34.00 36.30 2.30 2.07
MB-16-17 82.00 83.50 1.50 1.60
MB-16-17 131.00 133.00 2.00 2.50
MB-16-18 93.40 97.90 4.50 0.69
MB-16-19 26.80 29.70 2.90 1.15
MB-16-19 70.70 72.00 1.30 1.31
MB-16-19 108.60 110.60 2.00 1.91
MB-16-23 80.20 83.40 3.20 1.22
MB-16-24 61.20 64.60 3.40 0.81
MB-16-24 187.00 203.70 16.70 4.25
including 191.20 196.00 4.80 11.89
MB-16-26 36.15 53.20 15.45 1.30
including 36.15 43.00 6.85 2.18
MB-16-27 101.70 126.00 16.80 2.33
including 118.00 126.00 8.00 3.58
MB-16-28 89.40 92.50 3.10 1.01
MB-16-28 118.50 136.50 16.60 2.27
including 122.10 127.60 5.50 3.67
MB-16-28 158.00 162.80 4.80 3.38

*Core length (true thickness at 90%), assay uncut

A map of Barry Gold Deposit is available at the following link: http://media3.marketwire.com/docs/542_e.pdf

...click here for full copy from source

 

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Recent (November 3, 2016) news release from Metanor:

 

Metanor files PEA on the Barry project

 

VAL-D'OR, QUEBEC--(Marketwired - November 3, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce it has filed the « NI 43-101 Technical Report Preliminary Economic Assessment (PEA), Barry Gold Project, Québec, Canada » in support of the press release published September 22nd 2016.

The preliminary economic study ("PEA") completed by Geoservices Inc. GoldMinds, onthe Barry gold project (Mining Lease number BM 886) located 100 km east of Lebel-sur-Quévillon and 115 km south of the Bachelor Mine in Quebec, establishes the following (CAD dollars):

  • Net present value (NPV) before taxes (at 6%) of 53.5 M$;
  • Internal rate of return (IRR) before taxes of 198%;
  • NPV after taxes (at 6%) of 25.9 M$;
  • IRR after taxes of 94%;
  • Capital startup of 8.5 M$;
  • Payback of 0.71 years with a gold price of $1,560 / oz;
  • All-in production cost of 1,114$ / oz (US $891 / oz);
  • For the life of the mine, a production of 193,457 ounces of gold over 9 years;
  • An average of 21,495 ounces of gold production with up to 37,573 ounces in year 2;
  • Milling of 1,200 tonnes per day at the Bachelor plant, with an average grade of 1.75 g/t diluted for the life of the mine including the first 3 years at 2.61 g/t with a metallurgical recovery of 95%;
  • Strip ratio of 2.17 to 1.

The additional details are available in the technical report as well as in the September 22nd press release.

(*) Cautionary statement NI 43-101: The PEA is preliminary in nature and includes inferred resources that are considered speculative geologically to have economic considerations that would categorize them into mineral reserves. There is no certainty that the conclusions of the PEA will be realized.

...click here for full copy from source

 

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Recent (November 16, 2016) news release from Metanor:

 

Metanor Intersects 13.1 g/t Au Over 3.8 m at Bachelor Mine

 

VAL-D'OR, QUEBEC--(Marketwired - November 16, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide this update on its underground drilling program at the Bachelor Mine.

Drilling continued during the months of October and November in the Hewfran sector below level 10. A longitudinal drawing shows the hole locations. The drill hole results are presented in the table below:
 

Hole number from (m) to (m) length (m)* Grade Au (g/t) Zone
E16-074       Tr 12-H-10
E16-081 50.3 51.7 1.4 1.3
E16-096 49.7 52.4 2.7 7.8
E16-097 67.7 70.5 2.8 10.0
8-170 95.4 99.2 3.84 2.6
8-175 109.5 114.7 5.21 5.9
8-177 95.9 97.2 1.25 14.2
8-179 110.9 111.5 0.58 8.5
8-180 114.4 115.5 1.16 5.3
10-094 73.8 76.3 2.5 15.1
10-095 50.0 50.6 0.6 11.6
10-096 76.3 77.3 1.0 9.7
10-097 64.3 68.1 3.8 13.1
10-098 88.7 90.0 1.3 3.4
10-099 76.1 78.9 2.8 12.5
10-100 68.8 70.7 1.9 5.0
10-101 85.2 88.3 3.0 14.1
10-102 61.3 63.7 2.4 1.9
10-103 54.5 57.2 2.7 19.8
10-104 52.4 55.0 2.6 7.3
10-105 46.7 51.2 4.5 8.2
10-106 61.0 63.0 2.1 8.2
10-107 66.2 68.7 2.4 5.5
10-108 51.8 54.1 2.2 11.9
10-109 53.2 53.8 0.6 3.0
10-110 61.7 63.7 2.0 4.7
10-111 59.7 61.5 1.8 6.6
10-112 86.0 87.2 1.2 6.9
10-114 50.5 51.6 1.0 2.7
  (*) Core length      

The development of a drift on level 12 to access this sector is already underway. In addition, an exploration drift on level 14 is almost completed and will enable the drilling of the extension of this sector below level 12. The diamond drilling below level 12 should begin within the next two weeks.

...click here for full copy from source

 

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Recent (November 15, 2016) news release from Metanor:

 

Metanor Intersects 4.25 g/t Au Over 16.7 Meters at Barry

 

VAL-D'OR, QUEBEC--(Marketwired - November 15, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce preliminary results from its 10,000 meter drilling campaign currently underway at the Barry project near the old pits. This drill program, targeting the area covered by the mining lease, aims to delineate the extensions to the west, south-west, and to validate the geometry of the mineralized materials north of the regional shear Urban-Barry. Results from 13 new drill holes are reported in this press release.

The holes 16, 19, 20, 21, and 22 were drilled north of the existing pits. The holes 17 and 18 were drilled to west of the pits, and the holes 23 to 28 were drilled to the south-west of the pits. See attached diagram.

Highlights:

  • 4.14 g/t over 3.6 meters in MB-16-17,

  • 4.25 g/t over 16.7 meters in MB-16-24 including 11.89 g/t over 4.8 meters,

  • 1.30 g/t over 15.45 meters in MB-16-26 including 2.18 g/t over 6.85 meters,

  • 2.33 g/t over 16.8 meters in MB-16-27 including 3.58 g/t over 8 meters,

  • 2.27 g/t over 16.6 meters in MB-16-28 including 3.67 g/t over 5.5 meters.

The table of the drill holes coordinates is the following:

Drill hole UTM - East UTM - North UTM - Elevation Azimuth Dip Length
MB-16-16 443603.38 5426450.19 408.98 330.0 -45 63.0
MB-16-17 443430.39 5426342.89 407.40 330.0 -45 138.9
MB-16-18 443408.11 5426299.84 405.71 330.9 -44.7 102.0
MB-16-19 443544.53 5426449.90 409.30 330.0 -50 123.0
MB-16-20 443507.57 5426510.67 408.54 330.0 -45 75.0
MB-16-21 443469.91 5426481.57 411.26 330.0 -45 87.0
MB-16-22 443488.00 5426452.00 412.00 330.0 -45 81.0
MB-16-23 443583.10 5426090.22 400.47 330.0 -45 126.0
MB-16-24 443517.09 5426100.34 401.79 330.0 -45 255.0
MB-16-25 443517.09 5426100.34 401.79 330.0 -80 123.0
MB-16-26 443459.27 5426099.45 402.77 330.0 -45 66.0
MB-16-27 443388.47 5426019.83 401.57 330.0 -45 243.0
MB-16-28 443443.00 5426028.00 401.00 330.0 -65 264.0

The holes 16, 19, 20, 21, and 22 that were drilled to the north tend to demonstrate that the mineralization may not be oriented the same way north of the pits. Hole 20 did not intersect the gold intersected by hole 19. The holes 16, 21, and 22 did not intersect significant values. Additional holes in a different direction should be drilled to validate this possibility.

The holes 17 and 18 drilled to the West intersected interesting mineralization near surface in relation to the presence of a porphyry intrusive below another porphyry. This sector is open to the West and at depth.

The holes 23 to 28 located south-West from the pits intersected the mineralization on the contact of the intrusive. Only hole 25 did not intersect mineralization because it was too shallow, and it should be extended eventually. These new holes confirm the extension of a zone at least 250 meters along strike by 200 meters along dip direction. The zone is open in all direction.

Drill results:

Drill hole From To Length Au
  (m) (m) (m) g/t
MB-16-17 24.00 27.60 3.60 4.14
MB-16-17 34.00 36.30 2.30 2.07
MB-16-17 82.00 83.50 1.50 1.60
MB-16-17 131.00 133.00 2.00 2.50
MB-16-18 93.40 97.90 4.50 0.69
MB-16-19 26.80 29.70 2.90 1.15
MB-16-19 70.70 72.00 1.30 1.31
MB-16-19 108.60 110.60 2.00 1.91
MB-16-23 80.20 83.40 3.20 1.22
MB-16-24 61.20 64.60 3.40 0.81
MB-16-24 187.00 203.70 16.70 4.25
including 191.20 196.00 4.80 11.89
MB-16-26 36.15 53.20 15.45 1.30
including 36.15 43.00 6.85 2.18
MB-16-27 101.70 126.00 16.80 2.33
including 118.00 126.00 8.00 3.58
MB-16-28 89.40 92.50 3.10 1.01
MB-16-28 118.50 136.50 16.60 2.27
including 122.10 127.60 5.50 3.67
MB-16-28 158.00 162.80 4.80 3.38

*Core length (true thickness at 90%), assay uncut

A map of Barry Gold Deposit is available at the following link: http://media3.marketwire.com/docs/542_e.pdf

...click here for full copy from source

 

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Recent (November 3, 2016) news release from Metanor:

 

Metanor files PEA on the Barry project

 

VAL-D'OR, QUEBEC--(Marketwired - November 3, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce it has filed the « NI 43-101 Technical Report Preliminary Economic Assessment (PEA), Barry Gold Project, Québec, Canada » in support of the press release published September 22nd 2016.

The preliminary economic study ("PEA") completed by Geoservices Inc. GoldMinds, onthe Barry gold project (Mining Lease number BM 886) located 100 km east of Lebel-sur-Quévillon and 115 km south of the Bachelor Mine in Quebec, establishes the following (CAD dollars):

  • Net present value (NPV) before taxes (at 6%) of 53.5 M$;
  • Internal rate of return (IRR) before taxes of 198%;
  • NPV after taxes (at 6%) of 25.9 M$;
  • IRR after taxes of 94%;
  • Capital startup of 8.5 M$;
  • Payback of 0.71 years with a gold price of $1,560 / oz;
  • All-in production cost of 1,114$ / oz (US $891 / oz);
  • For the life of the mine, a production of 193,457 ounces of gold over 9 years;
  • An average of 21,495 ounces of gold production with up to 37,573 ounces in year 2;
  • Milling of 1,200 tonnes per day at the Bachelor plant, with an average grade of 1.75 g/t diluted for the life of the mine including the first 3 years at 2.61 g/t with a metallurgical recovery of 95%;
  • Strip ratio of 2.17 to 1.

The additional details are available in the technical report as well as in the September 22nd press release.

(*) Cautionary statement NI 43-101: The PEA is preliminary in nature and includes inferred resources that are considered speculative geologically to have economic considerations that would categorize them into mineral reserves. There is no certainty that the conclusions of the PEA will be realized.

...click here for full copy from source

 

----- ------ ------ ------ ------ ------

 

 

 

  

Recent (November 16, 2016) news release from Metanor:

 

Metanor Intersects 13.1 g/t Au Over 3.8 m at Bachelor Mine

 

VAL-D'OR, QUEBEC--(Marketwired - November 16, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to provide this update on its underground drilling program at the Bachelor Mine.

Drilling continued during the months of October and November in the Hewfran sector below level 10. A longitudinal drawing shows the hole locations. The drill hole results are presented in the table below:
 

Hole number from (m) to (m) length (m)* Grade Au (g/t) Zone
E16-074       Tr 12-H-10
E16-081 50.3 51.7 1.4 1.3
E16-096 49.7 52.4 2.7 7.8
E16-097 67.7 70.5 2.8 10.0
8-170 95.4 99.2 3.84 2.6
8-175 109.5 114.7 5.21 5.9
8-177 95.9 97.2 1.25 14.2
8-179 110.9 111.5 0.58 8.5
8-180 114.4 115.5 1.16 5.3
10-094 73.8 76.3 2.5 15.1
10-095 50.0 50.6 0.6 11.6
10-096 76.3 77.3 1.0 9.7
10-097 64.3 68.1 3.8 13.1
10-098 88.7 90.0 1.3 3.4
10-099 76.1 78.9 2.8 12.5
10-100 68.8 70.7 1.9 5.0
10-101 85.2 88.3 3.0 14.1
10-102 61.3 63.7 2.4 1.9
10-103 54.5 57.2 2.7 19.8
10-104 52.4 55.0 2.6 7.3
10-105 46.7 51.2 4.5 8.2
10-106 61.0 63.0 2.1 8.2
10-107 66.2 68.7 2.4 5.5
10-108 51.8 54.1 2.2 11.9
10-109 53.2 53.8 0.6 3.0
10-110 61.7 63.7 2.0 4.7
10-111 59.7 61.5 1.8 6.6
10-112 86.0 87.2 1.2 6.9
10-114 50.5 51.6 1.0 2.7
  (*) Core length      

The development of a drift on level 12 to access this sector is already underway. In addition, an exploration drift on level 14 is almost completed and will enable the drilling of the extension of this sector below level 12. The diamond drilling below level 12 should begin within the next two weeks.

...click here for full copy from source

 

----- ------ ------ ------ ------ ------

 

  

Recent (November 15, 2016) news release from Metanor:

 

Metanor Intersects 4.25 g/t Au Over 16.7 Meters at Barry

 

VAL-D'OR, QUEBEC--(Marketwired - November 15, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce preliminary results from its 10,000 meter drilling campaign currently underway at the Barry project near the old pits. This drill program, targeting the area covered by the mining lease, aims to delineate the extensions to the west, south-west, and to validate the geometry of the mineralized materials north of the regional shear Urban-Barry. Results from 13 new drill holes are reported in this press release.

The holes 16, 19, 20, 21, and 22 were drilled north of the existing pits. The holes 17 and 18 were drilled to west of the pits, and the holes 23 to 28 were drilled to the south-west of the pits. See attached diagram.

Highlights:

  • 4.14 g/t over 3.6 meters in MB-16-17,

  • 4.25 g/t over 16.7 meters in MB-16-24 including 11.89 g/t over 4.8 meters,

  • 1.30 g/t over 15.45 meters in MB-16-26 including 2.18 g/t over 6.85 meters,

  • 2.33 g/t over 16.8 meters in MB-16-27 including 3.58 g/t over 8 meters,

  • 2.27 g/t over 16.6 meters in MB-16-28 including 3.67 g/t over 5.5 meters.

The table of the drill holes coordinates is the following:

Drill hole UTM - East UTM - North UTM - Elevation Azimuth Dip Length
MB-16-16 443603.38 5426450.19 408.98 330.0 -45 63.0
MB-16-17 443430.39 5426342.89 407.40 330.0 -45 138.9
MB-16-18 443408.11 5426299.84 405.71 330.9 -44.7 102.0
MB-16-19 443544.53 5426449.90 409.30 330.0 -50 123.0
MB-16-20 443507.57 5426510.67 408.54 330.0 -45 75.0
MB-16-21 443469.91 5426481.57 411.26 330.0 -45 87.0
MB-16-22 443488.00 5426452.00 412.00 330.0 -45 81.0
MB-16-23 443583.10 5426090.22 400.47 330.0 -45 126.0
MB-16-24 443517.09 5426100.34 401.79 330.0 -45 255.0
MB-16-25 443517.09 5426100.34 401.79 330.0 -80 123.0
MB-16-26 443459.27 5426099.45 402.77 330.0 -45 66.0
MB-16-27 443388.47 5426019.83 401.57 330.0 -45 243.0
MB-16-28 443443.00 5426028.00 401.00 330.0 -65 264.0

The holes 16, 19, 20, 21, and 22 that were drilled to the north tend to demonstrate that the mineralization may not be oriented the same way north of the pits. Hole 20 did not intersect the gold intersected by hole 19. The holes 16, 21, and 22 did not intersect significant values. Additional holes in a different direction should be drilled to validate this possibility.

The holes 17 and 18 drilled to the West intersected interesting mineralization near surface in relation to the presence of a porphyry intrusive below another porphyry. This sector is open to the West and at depth.

The holes 23 to 28 located south-West from the pits intersected the mineralization on the contact of the intrusive. Only hole 25 did not intersect mineralization because it was too shallow, and it should be extended eventually. These new holes confirm the extension of a zone at least 250 meters along strike by 200 meters along dip direction. The zone is open in all direction.

Drill results:

Drill hole From To Length Au
  (m) (m) (m) g/t
MB-16-17 24.00 27.60 3.60 4.14
MB-16-17 34.00 36.30 2.30 2.07
MB-16-17 82.00 83.50 1.50 1.60
MB-16-17 131.00 133.00 2.00 2.50
MB-16-18 93.40 97.90 4.50 0.69
MB-16-19 26.80 29.70 2.90 1.15
MB-16-19 70.70 72.00 1.30 1.31
MB-16-19 108.60 110.60 2.00 1.91
MB-16-23 80.20 83.40 3.20 1.22
MB-16-24 61.20 64.60 3.40 0.81
MB-16-24 187.00 203.70 16.70 4.25
including 191.20 196.00 4.80 11.89
MB-16-26 36.15 53.20 15.45 1.30
including 36.15 43.00 6.85 2.18
MB-16-27 101.70 126.00 16.80 2.33
including 118.00 126.00 8.00 3.58
MB-16-28 89.40 92.50 3.10 1.01
MB-16-28 118.50 136.50 16.60 2.27
including 122.10 127.60 5.50 3.67
MB-16-28 158.00 162.80 4.80 3.38

*Core length (true thickness at 90%), assay uncut

A map of Barry Gold Deposit is available at the following link: http://media3.marketwire.com/docs/542_e.pdf

...click here for full copy from source

 

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Recent (November 3, 2016) news release from Metanor:

 

Metanor files PEA on the Barry project

 

VAL-D'OR, QUEBEC--(Marketwired - November 3, 2016) -  Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce it has filed the « NI 43-101 Technical Report Preliminary Economic Assessment (PEA), Barry Gold Project, Québec, Canada » in support of the press release published September 22nd 2016.

The preliminary economic study ("PEA") completed by Geoservices Inc. GoldMinds, onthe Barry gold project (Mining Lease number BM 886) located 100 km east of Lebel-sur-Quévillon and 115 km south of the Bachelor Mine in Quebec, establishes the following (CAD dollars):

  • Net present value (NPV) before taxes (at 6%) of 53.5 M$;
  • Internal rate of return (IRR) before taxes of 198%;
  • NPV after taxes (at 6%) of 25.9 M$;
  • IRR after taxes of 94%;
  • Capital startup of 8.5 M$;
  • Payback of 0.71 years with a gold price of $1,560 / oz;
  • All-in production cost of 1,114$ / oz (US $891 / oz);
  • For the life of the mine, a production of 193,457 ounces of gold over 9 years;
  • An average of 21,495 ounces of gold production with up to 37,573 ounces in year 2;
  • Milling of 1,200 tonnes per day at the Bachelor plant, with an average grade of 1.75 g/t diluted for the life of the mine including the first 3 years at 2.61 g/t with a metallurgical recovery of 95%;
  • Strip ratio of 2.17 to 1.

The additional details are available in the technical report as well as in the September 22nd press release.

(*) Cautionary statement NI 43-101: The PEA is preliminary in nature and includes inferred resources that are considered speculative geologically to have economic considerations that would categorize them into mineral reserves. There is no certainty that the conclusions of the PEA will be realized.

...click here for full copy from source

 

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This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Estimates of potential made by the mining analyst are non 43-101 and not from the Company. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.

 

 

SOURCE: Sector Newswire editorial

editorial@SectorNewswire.com

 

 

 

  

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